Irish explorer Petrel Resources has been granted permits for two new Frontier Exploration Licences (FELS) in the Porcupine Basin in the country’s Atlantic Margin waters.
Granted FELS 3/14 and 4/14, which collectively cover 1,050 sq km out of 1,400 sq km originally allocated under licensing options, the permissions by Ireland’s Department of Communications and Natural Resources allows the new licences to run for 15 years with an initial three-year term followed by three more phases of four years each.
Previously Petrel farmed out 85% of its interest in the licenses to Woodside Energy Ireland, through which Petrel is carried for the first three-year exploration term, which involves reprocessing historic 3-D seismic data and environmental studies. The work program may also include a new 3-D seismic sweep.
A number of geological plays have already been identified on the acreage, justifying additional technical work, according to Petrel managing director David Horgan. “Our operating partners, Woodside, have brought additional ideas, based on their technical expertise and past successes elsewhere. The next phase of the work programme is already underway.
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